Israeli software company Glassbox is laying off 40 employees, representing 14% of its workforce, as part of a cost-cutting measure aimed at saving $7.44 million annually. The layoffs, announced in early May 2023, come as the company has seen its market capitalization plummet by about 85% since its IPO in June 2021, when it was valued at nearly $500 million. Glassbox, which provides analytics platforms for digital customer experiences, currently has a market cap of around $73 million. The move reflects broader challenges in the tech sector, with the company's share price rising over 9% on the news as investors responded to the restructuring plan.
